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Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
[Meer zien]Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
[Meer zien]3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation 
 
unlimited liability CORRECT ANSWER sole proprietorship & partnership 
 
limited liability CORRECT ANSWER corporation 
 
Sole Proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
separate entity for acc...
Voorbeeld 2 van de 9 pagina's
In winkelwagen3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation 
 
unlimited liability CORRECT ANSWER sole proprietorship & partnership 
 
limited liability CORRECT ANSWER corporation 
 
Sole Proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
separate entity for acc...
Materiality CORRECT ANSWER The dollar magnitude of the transaction makes a difference in how it is recorded. Record as an expense not an asset. No party would be mislead. 
Ex. buying a 10 dollar trash can 
 
Monetary Unit CORRECT ANSWER Only transactions that can be expresses in terms of money can b...
Voorbeeld 3 van de 19 pagina's
In winkelwagenMateriality CORRECT ANSWER The dollar magnitude of the transaction makes a difference in how it is recorded. Record as an expense not an asset. No party would be mislead. 
Ex. buying a 10 dollar trash can 
 
Monetary Unit CORRECT ANSWER Only transactions that can be expresses in terms of money can b...
What consists of the policies and procedures necessary to ensure Operations, Reporting, and Compliance Objectives? CORRECT ANSWER Internal Control System 
 
What ensures the safeguarding of a company's assets & making sure operations are effective and efficient; Making sure Day-to-Day operations con...
Voorbeeld 3 van de 22 pagina's
In winkelwagenWhat consists of the policies and procedures necessary to ensure Operations, Reporting, and Compliance Objectives? CORRECT ANSWER Internal Control System 
 
What ensures the safeguarding of a company's assets & making sure operations are effective and efficient; Making sure Day-to-Day operations con...
Sole Proprietorship CORRECT ANSWER -one owner 
-advantage: easy to form 
-the owner uses it as a separate entity for accounting purposes, but not for legal purposes 
-unlimited liability 
 
Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of t...
Voorbeeld 2 van de 7 pagina's
In winkelwagenSole Proprietorship CORRECT ANSWER -one owner 
-advantage: easy to form 
-the owner uses it as a separate entity for accounting purposes, but not for legal purposes 
-unlimited liability 
 
Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of t...
business CORRECT ANSWER all activities necessary to provide the members of an economic system with goods and services 
 
3 forms of business organization CORRECT ANSWER -sole proprietorship 
-partnership 
-corporation 
 
sole proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
disadvan...
Voorbeeld 3 van de 16 pagina's
In winkelwagenbusiness CORRECT ANSWER all activities necessary to provide the members of an economic system with goods and services 
 
3 forms of business organization CORRECT ANSWER -sole proprietorship 
-partnership 
-corporation 
 
sole proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
disadvan...
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